Party bosses to punish Vinashin chief

The Commission for Inspection of the Communist Party of Vietnam Central Committee announced on July 5 that several Party organizations and members will be punished for serious violations of the Party rules.

Among them is Pham Thanh Binh, Secretary of the Vietnam Shipbuilding Industry Group (Vinashin)'s Party Committee and Chairman of the Vinashin Management Board.

According to state controlled broadcaster Voice of Vietnam, "the commission concluded that his wrongdoings called for disciplinary actions as he had been irresponsible in the mobilization, management and use of the state capital, pushing Vinashin to the brink of bankruptcy. It decided to start the process of criticizing and punishing towards Binh."

At the same time, the commission asked the government to inquire into the responsibility of related ministries and agencies for Vinashin's violations.

According to an Agence France Presse report, Vinashin has debts of $4.3 billion.

Now Vinashin is undergoing a major restructuring. Tien Phong newspaper says it will be divided into three parts by September 30. A rump group will remain managed by Vinashin., but PetroVietnam will take charge of the Lai Vu Shipbuilding Complex (Hai Duong), Nghi Son Shipbuilding IZ (Thanh Hoa), Nhon Trach Specialized Shipbuilding and Equipment Manufacturing Plant (Dong Nai), the Dung Quat Shipyard (Quang Ngai), Soai Rap Shipbuilding Industrial Zone (Tien Giang), VinashinŐs share in the Hoang Anh Shipbuilding JS Company (Nam Dinh) and other Vinashin investments.